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Bank of England raises key rate to 5.25 percent

Published Fri, 01 Nov 2024 00:07:35 GMT

The Bank of England raised its key interest rate by a quarter point on Thursday to the highest since 2008, saying that while inflation has begun to fall and the economy is growing with unemployment low “inflation is still too high”. Six out of nine members of the monetary policy committee voted in favor of the move.The hike takes the Bank Rate to 5.25 percent and is the 14th straight rise in a campaign of monetary policy tightening to head off the worst bout of inflation in 40 years. While it has come down from a peak of over 11 percent, headline inflation was still running at nearly 8 percent in July, nearly four times the level that the Bank defines as price stability.It threatens more pain for those with mortgages and tenants who face sharp increases in their rents as landlords try to pass on the increase in the costs of their own loans. Average two-year U.K. mortgage rates are now nearly 7 percent, according to real estate website Rightmove.The Bank repeated tha...

Living Cities movie club

Published Fri, 01 Nov 2024 00:07:35 GMT

Ahead of Living Cities’ summer break, we asked our readers to submit their favorite films about European cities. With entries ranging from “Trainspotting” to “The Third Man,” they didn’t disappoint. Grab some popcorn, turn down the lights, and hit play: With our map of films that capture the spirit of European cities, you’re sure to stay entertained through the rest of the summer.

NFL great Tom Brady becomes minority owner of second-tier British soccer team Birmingham City

Published Fri, 01 Nov 2024 00:07:35 GMT

(CNN) — NFL great Tom Brady has joined a partnership to become a minority owner in second-tier British soccer team Birmingham City, it was announced on Thursday.Brady, who is a seven-time Super Bowl champion, joins with Knighthead Capital Management LLC to purchase a stake in the club.According to the press release, Brady will become the chairman of a new advisory board in which he will work in partnership with the club’s board and be part of the team’s leadership team.“Birmingham City is an iconic club with so much history and passion and to be part of the Blues is a real honor for me,” Brady said in a press release.“BCFC is built on teamwork and determination and I’m excited to work alongside the board, management and players to make our … club second to none. I’ve been part of some amazing teams in my day, and I’m looking forward to applying my perspective to create that same success here in Birmingham.”The club announcement said that Brady will “apply his ext...

Bud Light controversy cost parent company about $395 million in lost US sales

Published Fri, 01 Nov 2024 00:07:35 GMT

Hong Kong (CNN) — The world’s largest brewer is counting the costs of being swept into a controversy over Bud Light in the United States.AB InBev said Thursday that US revenue fell 10% in the second quarter as sales of its top brand slumped. Sales to US retailers declined by 14%, under-performing the wider beer industry, primarily due to the decline in the volume of Bud Light it sold, the company said in a statement.Revenue fell $395 million in North America during the period, compared to the same time a year ago.That figure included sales in Canada, where revenue rose, suggesting the slump was isolated to the United States and that the losses on Bud Light may have been even greater.America’s former longtime No.1 beer has been hit by a backlash from right-wing media and anti-trans commentators since April, after sponsoring transgender influencer Dylan Mulvaney.Mulvaney’s post that month of an image of a custom can of Bud Light on Instagram quickly spiraled into a...

Lebanon warns Palestinian president that troops may intervene if clashes continue in refugee camp

Published Fri, 01 Nov 2024 00:07:35 GMT

SIDON, Lebanon (AP) — Lebanon’s caretaker prime minister called the Palestinian president Thursday to demand an end to the volatile situation in the country’s largest Palestinian refugee camp, warning that Lebanese troops may intervene to stop the fighting that has left dozens dead and wounded.Najib Mikati’s call with Palestinian President Mahmoud Abbas came after days of sporadic clashes between Palestinian factions in the Ein el-Hilweh refugee camp near the southern port city of Sidon.Mikati called the fighting a “flagrant violation of Lebanese sovereignty” and said it was unacceptable for the warring Palestinian groups to “terrorize the Lebanese, especially the people of the south who have embraced the Palestinians for many years,” according to a statement released by his office.His call came as cautious calm returned to the camp and surrounding area Thursday after a night of renewed clashes.Lebanon’s largest Palestinian refugee camp, which is home to about 50,000 people, h...

13 injured in South Korea when a man rams a car onto a sidewalk, stabs pedestrians

Published Fri, 01 Nov 2024 00:07:35 GMT

SEOUL, South Korea (AP) — At least 13 people were injured in South Korea on Thursday when a man rammed a car onto a sidewalk and then stepped out of the vehicle and began stabbing people near a subway station in the city of Seongnam.Yoon Sung-hyun, an official from the southern Gyeonggi provincial police department, said at least nine people were stabbed and four others were injured by the vehicle. Police did not confirm whether any were in serious condition.Police were questioning an unidentified suspect who was arrested at the scene.In response to the attack, the National Police Agency said it would hold an online meeting later Thursday with regional police chiefs to discuss ways to deal with stabbings and other attacks against random targets. Last month, a knife-wielding man stabbed at least four pedestrians on a street in the capital, Seoul, killing one person, police said.The Associated Press

Bell saw Q2 net earnings fall 40% as it began layoff of 1,300 workers

Published Fri, 01 Nov 2024 00:07:35 GMT

MONTREAL — BCE Inc. says its net earnings tumbled almost 40 per cent in its most recent quarter as it began laying off 1,300 workers.The Montreal-based telecommunications company’s net earnings for the second quarter amounted to $397 million or 37 cents per common share compared with $654 million or 66 cents per common share a year ago.Analysts on average had expected an adjusted profit of 77 cents per share for the period ended June 30, according to estimates compiled by financial markets data firm Refinitiv.Adjusted net earnings totalled $722 million compared with $791 million a year prior.Operating revenue ticked up to $6.06 billion from $5.86 billion a year earlier.Bell attributed its increased costs to severance expenses, a higher interest rate environment and an obligation it had to repurchase at fair value the minority interest in one of its joint venture equity investments.This report by The Canadian Press was first published Aug. 3, 2023.Companies in this story: (TSX:...

Bank of England raises its key interest rate to a new 15-year high to fight inflation

Published Fri, 01 Nov 2024 00:07:35 GMT

LONDON (AP) — The Bank of England raised its main interest rate Thursday to a fresh 15-year high as it tries to bring down persistently high inflation, poised to bring more pain to people who are seeing rents and mortgages rise during a cost-of-living crisis.The quarter-percentage point increase to 5.25%, which was widely anticipated by economists, was the central bank’s 14th hike in a row. The bank saidsome of the risks from more stubborn inflation, notably higher wages, had “begun to crystallise,” leading it to push borrowing costs higher.There had been fears, certainly among hard-pressed households and businesses, that the bank would repeat its outsized half-point increase from June. But figures last month showing that inflation fell more than anticipated to 7.9% eased the pressure to act as aggressively again. “Inflation is falling and that’s good news,” Bank Gov. Andrew Bailey said. “We know that inflation hits the least well off the hardest, and we need to make absolutely sure...

Maple Leaf Foods reports $53.7M net loss in Q2 as company faces inflationary pressure

Published Fri, 01 Nov 2024 00:07:35 GMT

MISSISSAUGA, Ont. — Maple Leaf Foods Inc. says it lost $53.7 million in its most recent quarter as it grappled with inflation and other market headwinds.The Mississauga, Ont.- based food company’s net loss for the second quarter amounted to 44 cents per basic share compared with a net loss of $54.6 million or 44 cents per basic share a year earlier.Adjusted earnings for the period ended June 30 were $45.9 million compared with $23.6 million in the second quarter of last year.Sales in the quarter totalled $1.26 billion, up from $1.19 billion a year prior.Its meat business alone contributed the bulk of those sales, though Maple Leaf says its plant protein division made $36.7 million in sales during the quarter.The financial results come a day after the company’s board approved a quarterly dividend of 21 cents per share and 84 cents per share on an annual basis.This report by The Canadian Press was first published Aug. 3, 2023.Companies in this story: (TSX:MFI)The Canadian ...

Hundreds rally in Niger, denouncing France, as the country’s new junta seeks to justify its coup

Published Fri, 01 Nov 2024 00:07:35 GMT

NIAMEY, Niger (AP) — Hundreds of people rallied in support of Niger’s ruling junta in the capital on Thursday, denouncing France and others who have criticized a recent coup — as the country’s military leaders sought to exploit anti-Western sentiment to shore up their takeover.As numbers began to swell at a demonstration organized by the junta and civil society groups on Niger’s independence day, protesters in Niamey pumped their fists in the air and chanted out support for neighboring countries that have also seen military takeovers in recent years. Some waved Russian flags, and one man brandished a Russian and Nigerien flag sewn together.Last week’s coup toppled President Mohamed Bazoum — whose ascendency marked Niger’s first peaceful, democratic transfer of power since its independence from France. It has been accompanied by strident anti-French sentiment and raised questions about the future of the fight against extremism in Africa’s Sahel region, where R...